盒马会员店落幕，转向硬折扣超市，直面沃尔玛挑战

Core Insights - Hema's membership store business is coming to an end, with the last store in Shanghai closing on August 31, marking the complete termination of this retail format [1] - The decline in consumer enthusiasm for Hema's membership stores is attributed to product homogenization and insufficient perceived membership benefits [2] - Hema's failure in the membership store segment reflects broader challenges in the new retail landscape, as Alibaba begins to retract its focus on this area [4][5] Group 1: Business Performance - Hema's membership stores initially showed promise, achieving profitability within two months of opening and generating daily revenues exceeding 2 million yuan, with an average transaction value of 1,000 yuan [1] - By the end of 2022, Hema had nearly 3 million members, positioning itself closely to Sam's Club in terms of membership numbers [1] - Despite plans to open 50 new stores by 2023, Hema only managed to operate 10 stores, contributing less than 10% to the overall sales [1] Group 2: Consumer Sentiment - Consumers found Hema's membership offerings lacking in differentiation compared to competitors like Sam's Club, leading to a perception of inadequate value for the membership fee [2] - Issues such as significant price differences between members and non-members for the same products have also harmed consumer trust and satisfaction [2] Group 3: Strategic Challenges - Hema's membership store struggled with a weak supply chain and late entry into the market, which limited its ability to compete effectively against established players like Sam's Club and Costco [4] - Frequent changes in membership policies created confusion among consumers, further damaging the reputation of Hema's membership stores [4] - The closure of Hema's membership stores signifies a shift in Alibaba's strategy, moving away from its previous emphasis on new retail formats [4][5] Group 4: Market Context - The warehouse membership store market in China continues to grow, with Sam's Club achieving significant sales milestones, indicating that the membership store model still holds potential in the market [5] - Hema's struggles highlight that the failure lies not in the membership store model itself, but in Hema's execution and strategy within this segment [5]